In order to support company’s operational activities, particularly when it comes to business expansion, in certain conditions company has to add more funds to actualize it. Adding more funds for the company could be gained from capital injection by its shareholders. Aside of it, funds could be gained from other resources such as bank loans, bonds/medium term notes. As the consequences of thrid party funds, there will be expenses needed to pay, and in this research will be reflected from weighted average cost of capital (WACC). This research is determined to investigate are the funding diversification has been applied effectively and efficiently done. The subject of this research is PT Permodalan Nasional Madani (PNM) (Persero), from year 2015-2019 (purposive sampling). This research is expected to help company’s management to evaluate resources of funds that will took. The result is PMN & other funding resources has a significant impact towards company’s financial performance through WACC, WACC has a significant impact towards company’s financial performance, and PMN & other funding resources has a significant impact towards WACC.

Keywords : Capital Structure, Funding, Company’s Performance, WACC, State Capital Injection, Diversification Strategi.